BIG Signs €223 Million Deal for Seven Bulgarian Shopping Centers

BIG has signed a binding agreement to acquire the seller’s full interests in seven open-air shopping centers in Bulgaria for €223 million. The transaction, reported on November 2, includes two centers in Sofia and properties in other major Bulgarian cities. Completion and the transfer of ownership remain subject to conditions, including approval from Bulgaria’s competition regulator. The acquisition is being carried out through CEE-BIG B.V., a company approximately 95% owned by BIG. The initial stage covers three operating shopping centers. Four additional centers under development are to follow over the subsequent 18 months and will open under the BIG brand. Together, the seven properties have approximately 140,000 square meters of leasable space. BIG plans to finance up to approximately 60% of the purchase through banks active in the region, with the balance coming from its own resources. The company says some banks already financing its activities in the Balkans and Poland also operate in Bulgaria. BIG expects the portfolio to generate annual net operating income of approximately €16.8 million; that figure is an expectation rather than income already received. The agreement forms part of the company’s expansion in the Balkans and Eastern Europe through commercial properties with operating tenants.